Posted on: 09th Jan, 2010 02:00 pm
I'm in Las Vegas and laidoff 8 Jan 2010 (last day), not behind on mortgage, have 2nd mortgage, CC and car payment. I'm a Veteran but didnot use my VA to buy home - I'm seeing that I will need to move to find a job (I'm a designer/drafter civil engineering 17+yrs) - I can pay off my CC's and make 1yr payment on my car (already have 2 1/2 yrs on car payment) - what is my best option (would like to keep the house - if payment is half of current payment but 2nd mortgage I can't handle.
What is my best option without hitting my fico score too bad - current fico score around 800
What is my best option without hitting my fico score too bad - current fico score around 800
Your best option is to sell or rent your house if you have to move someplace else. Any other solution would impact your FICO score negatively, and you don't want to harm an 800 FICO.
Bummer about your job - that's always sad news.
Bummer about your job - that's always sad news.
Value of my house has deceased 50%, rent will not cover mortgage - I'm
right now unemployed. wish is best foreclose or bankrup?
right now unemployed. wish is best foreclose or bankrup?
A lot of people are in your same situation. Many are renting their homes and paying the portion of the mortgage that the rent doesn't cover. It's really the only way to save your credit. Any other solution will result in credit damage.